This course is presented in accordance with International Financial Reporting Standards (IFRS), which provides the intellectual framework of financial accounting and the procedures for preparing financial statements. It also provides accounting procedures in terms of measurement, presentation and disclosure of all elements of assets.

After completing this course, the student will be able to:

1. Identify and explain the conceptual framework of accounting in terms, accounting objectives, basic concepts of accounting, principles and assumptions, and constraints of accounting.
2. Classify and prepare financial statements include balance sheet, comprehensive income statement, statement of cash flows, and changes in owners' equity.
3. Apply accounting procedures related to measurement of assets.
4. Distinguish the detailed disclosure requirements for asset items.

1. Intellectual framework for financial accounting.
2. Basis of measurement: accrual basis and cash basis.
3. Preparation of Financial Statements: comprehensive Income Statement.
4. Preparation of financial statements, balance sheet, and statement of changes in equity.
5. Preparation of financial statements: Statement of cash flows.
6. Accounting for current assets: Cash, accounts receivable, notes receivable and inventory.
7. Accounting for real estate, machinery and equipment.
8. Accounting for depreciation of fixed assets, depletion of natural resources and revaluation of assets.
9. Accounting for Intangible assets.

Kin Lo & George Fisher Intermediate Accounting, Vol. 1, 3/E (2016) translated by SOCPA.